And presumably other high rent areas.
Google tells me, in NYC, the average salary is $69k (seems low but that’s what it says). The same tells me that the average rent is ~3.7k/month.
After taxes insurance etc, net salary would be somewhere in the upper $40k range. Let’s say $49k for fun.
Average rent would be $44k over a year.
With other prices in NYC being what they are, how do people live on $5k? Even a few roommates deep this isn’t adding up to me.
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Averaging values can be almost meaningless. If you have one person making $1 and and another is making a million they average $500,000.50
One of them is homeless.
Median values would be more meaningful in this situation.
Median family income was $67,000 in 2020, individual was about $36k
https://www.nytimes.com/2022/06/09/realestate/manhattan-rent-nyc.html
Rent is about $5000 a month. So 60k$ for rent and not much left.
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